Typically, fund managers wait to disclose buys and sales until the SEC-required date of 45 days after the end of the quarter, but sometimes they let investors know some of their dealings through interviews or letters. Einhorn made public the information during his third-quarter conference call to discuss another dismal quarter in which his fund slid a further 8.4%, with a loss of 21.4% for the year through October.

Though details regarding the amount of shares he purchase will remain unknown until his portfolio release, Einhorn described the Alrice USA investment as “medium-sized.” The New York-based company is the seventh-largest video service provider in the U.S. by number of subscribers. The cable television operator operates in 21 states and has a $13.89 bill market cap.

Einhorn purchased Altice USA’s shares as they declined 16% for the year through the third quarter. The stock has plunged roughly 52% from its price above $30 per share at the company’s initial public offering in June 2017.

A positive earnings report on Monday electrified the shares, however, sending them up 13.4% from their close that day to $18.85 at close Wednesday.

“We are delivering on our differentiated investment thesis anchored in infrastructure-based investment to future-proof our business, to enhance the customer experience and services offered, and to reduce costs over the long-term,” Goei said.

Altice USA revenue rose 4.1% from the third quarter of the prior year to $2.42 billion on growth in its residential and business segments and in advertising. Net income reached $33.74 million, or 4 cents per diluted share, up from a loss of $192.98 million, or a loss of 26 per share, a year ago.

The company also has a price-earnings ratio near a one-year low at 5.56 and price-sales ratio near a two-year low at 1.19. Its price-book ratio is 3.6.

Einhorn said he believe the company “trades at a discount to its pure-play cable peers despite better free cash flow conversion and a better new investment opportunity profile.”

Second on Einhorn’s buy list, BT Group (NYSE:BT) stock had been in decline since November 2015. The shares had tumbled roughly 17% for the year through the end of the third quarter and by almost 55% from their 15-year peak in November. They traded for $249.25 Wednesday, down 0.7% for the day and 8.7% for the year to date.

The company, which Einhorn called “the incumbent telecom operator in the U.K.,” offers fixed-line, mobile and broadband services in the U.K. and 180 countries. He also named several reasons he found the stock attractive.

“The company is paying an attractive 6% dividend and we believe that sentiment will turn incrementally more positive as BT exceeds reduced earnings expectations,” Einhorn said in his call with analysts.

BT Group has paid a semi-annual dividend since 2002 after a brief interruption during the dot-com bubble of 2000 and has increased its payout for the past six years. Its five-year dividend growth rate is 12.5%.

For the quarter ended Sept. 30, which BT Group reported Nov. 1, the company saw revenue decline 2% year-over-year to £11.59 billion as it faced regulated price reductions and weakness in its enterprise businesses. Profit before tax increased 24% to £1.34 billion primarily due to higher volume and mix of high-end smartphones in its consumer segment in addition to reduced costs as part of its restructuring.

In May, the company announced that it would cut jobs and relocate from its central London headquarters in an effort to save £1.5 billion over the next three years. The moves come as part of the company’s restructuring project launched in July 2017.

Einhorn’s largest positions at the end if the second quarter were General Motors Co. (NYSE:GM), Brighthouse Financial Inc. (NASDAQ:BHF) and Mylan NV (NASDAQ:MYL). He should announced his third-quarter portfolio in mid-November.

Disclaimers: GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC.
Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.